Distância institucional e desempenho de subsidiárias das multilatinas: os efeitos moderadores da estratégia de propriedade e apoio governamental em mercados emergentes
DOI:
https://doi.org/10.24023/FutureJournal/2175-5825/2024.v16i1.869Palavras-chave:
Distâncias institucionais normativas, Efeitos regulatórios, Empresas Multinacionais de Mercados Emergentes, Desempenho das subsidiárias, Apoio governamentalResumo
Objetivo: Neste artigo, investigamos os efeitos das distâncias institucionais regulatórias e normativas no desempenho das subsidiárias das Empresas Multinacionais de Mercados Emergentes (EMNEs), e os papéis moderadores da estratégia de propriedade e do apoio governamental.
Design/metodologia/abordagem: Aplicamos modelos de regressão de efeitos fixos para dados em painel para analisar uma amostra de 296 subsidiárias de 32 EMNEs brasileiras, de 2006 a 2015.
Resultados: Descobrimos que a distância institucional afeta positivamente o desempenho da subsidiária. Embora a propriedade total e o apoio governamental afetem positivamente o desempenho da subsidiária, as subsidiárias com propriedade parcial localizadas em países anfitriões mais desenvolvidos e institucionalmente distantes apresentam desempenho superior. Também encontramos uma relação positiva entre o apoio governamental, a distância regulatória e o desempenho da subsidiária. No entanto, a mesma relação com a distância normativa não foi estatisticamente relevante.
Originalidade/valor: Ao analisar diferentes maneiras pelas quais o contexto institucional afeta o desempenho da subsidiária e diferentes abordagens para aumentar ou mitigar esses efeitos, este estudo contribui para aprofundar a compreensão de como as questões institucionais afetam as EMNEs e o papel do governo do país de origem.
Conclusões: As descobertas deste estudo podem ajudar os formuladores de políticas a tomar decisões informadas sobre investimentos em EMNEs. Isso é alcançado analisando o impacto do auxílio financeiro governamental no desempenho das subsidiárias.
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